In the last year, the Florida state government has implemented several tax relief measures. Among these is a back-to-school sales tax holiday. The state has also implemented permanent sales tax exemptions for bicycle helmets and children’s booster seats. These tax breaks will help families and businesses save more than $200 million a year in Florida.
Florida taxpayers can also take advantage of upcoming tax holidays. Gov. Ron DeSantis has signed HB 7071, a tax-relief package with $196 million in benefits. The plan includes new tax exemptions and credits and an extension of the state’s back-to-school tax holiday. HB 7071 is expected to save state residents an additional $190 million in tax money in two years. It also extends tax breaks on household items, including diapers.
The state of Florida provides a variety of tax incentives for businesses to attract new investment and create new jobs. The table below lists some of the incentives available to help businesses in Florida. Clicking on the “X” in the table header will take you to more information on each incentive. If you don’t see what you’re looking for, use the drop-down arrows to explore additional options.
Florida has cut its tax rates every year since DeSantis took office. The Governor’s Office claims that these tax cuts have resulted in record economic growth and reduced unemployment. The state also boasts record tourism numbers and a record budget surplus of $22 billion. However, the Florida government doesn’t know if these tax relief measures actually help the citizens of Florida. One example of this is the corporate tax deduction, approved nearly 40 years ago to encourage international banking facilities to operate in the state.-